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Government may lower limit for quoting PAN number for cash transactions

Unwilling to lose the momentum it gained for a less-cash economy after demonetisation and restrictions on cash withdrawals, the government may announce big disincentives in the upcoming Budget for usage of cash. The government may reduce threshold for quoting PAN card for cash transactions, say sources. The threshold, which is Rs 50,000 now, may be brought down to Rs 30,000 to bring more transactions within formal economy. Sources say the threshold for quoting PAN Card details for merchant transactions can also be reduced.

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